The California Franchise Tax Board announced that it will stop accepting applications for the state first-time homebuyer tax credit at midnight on Sunday, August 15, 2010.

As of 8/6, the FTB had received 32,020 applications. Because some are invalid or duplicates, it will continue to accept them through August 15 to make sure enough valid applications are received to allocate the full $100 million of tax credit available. The FTB estimates it can award about 17,500 to 20,000 tax credit certificates to valid applicants. However, once the funds are exhausted, any remaining applications, even if valid, will be denied.

California homebuyers still have time to qualify for the state's other $100 million tax credit for the purchase of a brand-new home. The new-home credit is available for taxpayers who close escrow a home that has never been occupied on or after May 1, 2010 and before August 1, 2011, as long as they enter into an enforceable contract before January 1, 2011.

More details at: http://www.ftb.ca.gov/individuals/new_home_credit.shtml